Those carrying a credit card balance should scale back to making the minimum payment each month so they have more money to put into savings.

Credit card companies are jacking up interest rates, lowering credit limits, and closing accounts - and people who have made timely payments are not exempt. So even if you pay off your balance - and that's tough when interest rates are insanely high - there's a good chance your credit limit will be slashed, and that will hurt your FICO score.

I have always advocated doing everything possible to pay off credit card balances; it's good financial management and the ticket to a strong FICO credit score.

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